GlobalThey urge greater competition and confidence to attract companies

They urge greater competition and confidence to attract companies

Mexico City.- Mexico must guarantee that free competition flows in its economy and offer an environment of certainty and trust to companies that are relocating to the country due to nearshoring, indicated Gabriel Yorio, Undersecretary of the Treasury (SHCP).

“Companies and consumers require trust and certainty that the State can exercise justice in economic matters. It is also imperative to offer an environment of certainty and trust for these companies that are seeking to establish themselves in Mexico,” he stressed during the inauguration of Competition Day. 2023 organized by the Federal Economic Competition Commission (Cofece).

He added that efficient competition is essential for the economy because it not only leads to a reduction in prices and the inclusion of small businesses and value chains, but also makes the country an attractive destination for investment.

“This dynamic ensures that consumers benefit from fair prices and a wide variety of options and robust protection against anti-competitive practices

“I hope that by rigorously sanctioning anti-competitive practices we will strengthen confidence in the Mexican domestic market and envision a future where Mexico stands out for its commitment to an equitable and fair economy,” said Yorio.

In this regard, Andrea Marván, head of Cofece, stated that the organization seeks to impose more severe sanctions for those who carry out monopolistic practices and will seek to compensate consumers affected by them.

He added that in an economic context as dynamic as the current one, it is necessary to use all the powers that the law grants to the Commission to punish bad practices, in addition to expanding the agenda of issues so that the benefits of competition are more tangible. as well as evaluate the use of precautionary measures and the imposition of greater sanctions.

“We must create the conditions to present more effective criminal complaints, so that those who violate the law also have criminal consequences.

“We must also focus efforts to enable compensation for damages to those affected by these practices, especially through collective actions,” he explained.

Andrea Marván assured that, despite having the lowest budget of all autonomous organizations, Cofece has imposed fines of more than 14 billion pesos in 10 years on economic agents who violated the Competition Law.

“This has led to the fact that since 2013 we have generated benefits to consumers of at least 34 billion pesos, this is six times more than the budget assigned to Cofece in that same period,” said Marván.

Daily Global Times
Daily Global Times provides the latest news from India and around the world. Read the latest headlines and news stories, from Politics, Entertainment, Tech and more.

Related Article

Editors Picks